Obama’s Plan to Reduce Foreclosures

17 02 2009

President Obama’s plan to reduce the flood of home foreclosures will include a mix of government inducements and new pressure on lenders to reduce monthly payments for borrowers at risk of losing their houses, according to people knowledgeable about the administration’s thinking.

The plan, to be announced Wednesday, is expected to include government subsidies for reducing a borrower’s interest rate, which a lender would have to match with its own money.

But officials cautioned that subsidies for lower interest rates would not in themselves help many troubled homeowners, because lenders were still likely to view many of those borrowers as bad risks and refuse to restructure their loans. As a result, they have been casting about for sticks as well as carrots to persuade the lenders to take part.

Exactly what kind of pressure Mr. Obama would bring to bear remains unclear. One possibility is a stepped-up effort to enact legislation that would give bankruptcy judges new power to restructure mortgages and reduce a borrower’s payments.





President Barrack Hussein Obama

20 01 2009

The 44th President of the United States of American, Barrack Hussein Obama, was sworn into office today.





Richardson Withdraws As Commerce Secretary Nominee

4 01 2009

Gov. Bill Richardson of New Mexico confirmed in a statement released
Sunday afternoon that he has withdrawn his name as the commerce
secretary nominee, citing a pending “investigation of a company that
has done business with New Mexico state government.”





Obama Settled on Environmental Quality Chairwoman

10 12 2008

Obama has settled on Nancy
Sutley as the next chairwoman of the White House Council on Environmental
Quality, according to a Democratic official close to the transition.





Obama Settled On Energy Scretary

10 12 2008

Barack Obama has settled on Steven Chu to be the next Energy Secretary.








Follow

Get every new post delivered to your Inbox.